₦airaland Forum

CSTR2:
mscheww.
There is nothing there that jonathan did not do except maybe second to the last one which was more or less represented in the local content initiative.
Do you think the J.P morgan listing of Nigeria in the first place for the first time in our history came out of thin air?

You are right. The re-listing is as a result of Tinubu’s good work, right?

CSTR2:
J.P morgan doesn't just delist you because you earn less than you used to.
There are more important indices they use.
Infact, the reduction in oil prices has inflicted some level of damage on a lot of big economies. but then, none of these countries have been kicked out of J.P morgan.
The trust in our economy is the issue here. Nobody trust this Nigerian govt to weather the storm.
it has no serious economic expert in its cabinet, no identifiable economic policy to base any credible forcast on.
Those are the issues here.

Well, hope you will clap for Bola Tinubu now that JP Morgan is about to re-list Nigeria in their bond index. You were all over this thread crying about the delisting but we’ve not seen you on the re-listing thread 🤣

obembet:
U get bad mouth must u remind them?

Na dem dey always find trouble. They won't allow sleeping dog to lie at all.

Phnuel007:
Coward
It’s true that the ECA was originally created to save excess crude oil revenues above the budget benchmark, and that during the Jonathan administration, the Sovereign Wealth Fund (NSIA/NSWF) was established by law to create a stronger, more transparent savings system.

However, the idea that "no kobo has gone into the ECA since then" is incorrect and misleading for a few reasons:

1. ECA Remained Active After the Sovereign Wealth Fund Was Created:
- Even after the NSIA law was passed in 2011, the ECA continued to receive and disburse funds.
- For example, by 2014, the ECA balance was still around $4.1 billion, which proves it was actively managed and funded even after the Sovereign Wealth Fund started operating.
- If it was truly abandoned, the balance would have been zero or near zero immediately but it wasn’t.

2. Governors Still Negotiated and Received Withdrawals from the ECA:
- Throughout the Buhari years (2015–2023), the National Economic Council (NEC) kept approving withdrawals from the ECA for security funding, state bailouts, budget support loans, and infrastructure projects.
- If the ECA was "dead" after NSIA was created, why were NEC and FAAC still accessing and discussing ECA balances?

3. Poor Savings Discipline Is the Real Issue:
- The real problem isn't whether ECA "legally" exists or not it’s that both federal and state governments lacked the discipline to save.
- Whether through ECA or NSIA, consistent political withdrawals and failure to replenish savings led to the emptying of both accounts.

4. ECA and SWF Serve Different Immediate Purposes:
- ECA was a more flexible, easily accessed stabilization account (political tool).
- NSIA (Sovereign Wealth Fund) is more structured, investment-driven, and long-term with strict rules about how money can be invested or withdrawn.
- Even today, the NSIA exists and is growing, but the ECA was supposed to still act as a short-term fiscal buffer. Both could have been funded separately if there was enough political will.

Summary:
- ECA was not abandoned after the NSIA law it remained in use for years.
- The reason there’s no money in the ECA today is due to withdrawals and lack of fresh savings, not because it became illegal or obsolete.
- Blaming Jonathan’s creation of the Sovereign Wealth Fund ignores the real issue: government after government spent without saving.

So much words yet very little understanding. Since Jonathan era ended, no kobo has gone into ECA again. What has been happening since then is a draw down of the account. GEJ himself inherited about $16billion in the account from Yar’adua but squandered almost everything till the governors revolted and NSWIF was set up.

Buhari inherited $2.1billion in the account and left barely $70million in 2023 when he left office. He did not add a single kobo because there wasn’t anytime crude went above benchmark during his period even if he had the intention of adding. By the way, SWF has already taken over the savings at the time.

As at today, crude is around $67 while budget benchmark is $75. So, where is the excess that you angry obidients want to see in ECA even if it is still active?

Even if there is excess, it will no longer go into ECA. It will go into SWF. The ECA is dead. It is only still active because it has not been completely drawn down to zero. Once it gets to zero, that’s the end. All savings now goes into our sovereign wealth fund.

Good one. We are getting all our macro economic targets right. With time, the gains will trickle down to the micro. God bless president Bola Ahmed Tinubu for the good work.

Bobloco:
Is there actually any way to verify this claim?"

Below is my reply to your fellow Obidient. The response is applicable to you as well.

ALTERNATEID:
You’re an illiterate. Do you even understand what Excesd crude account is all about? Is it an account for keeping unpaid subsidies?

You obidients make the loudest noise yet you all are so ignorant about the processes of government. ECA is meant for saving excess proceeds resulting from sales of crude oil. That is, when crude oil prices go above budgeted benchmark, the excess is paid into the ECA.

During the Jonathan era, governors complained about the illegality of the ECA as it has no legal basis. Jonathan in response passed the Sovereign wealth fund act into law and created the NSWIF to manage any excess crude and all national savings. Since then, no kobo has gone into ECA again. The balance has been drawn down to either sovereign wealth fund or to other uses.

I hope you’re now better educated on the subject of discussion.

malali:
After reading the article, use your brain.
Buhari paid approx $8.1 billion to $14.4 billion annually in oil and Forex subsidies
Nigerians all benefited from cheap petrol and dollars

Tinubu is not paying any subsidy, and he is also collecting numerous loans.
Tinubu does not have any money in the account to show for not paying subsidy.
Nigerians are buying expensive petrol and dollars.

Where is our money going to ? Please answer that question ?

You’re an illiterate. Do you even understand what Excesd crude account is all about? Is it an account for keeping unpaid subsidies?

You obidients make the loudest noise yet you all are so ignorant about the processes of government. ECA is meant for saving excess proceeds resulting from sales of crude oil. That is, when crude oil prices go above budgeted benchmark, the excess is paid into the ECA.

During the Jonathan era, governors complained about the illegality of the ECA as it has no legal basis. Jonathan in response passed the Sovereign wealth fund act into law and created the NSWIF to manage any excess crude and all national savings. Since then, no kobo has gone into ECA again. The balance has been drawn down to either sovereign wealth fund or to other uses.

I hope you’re now better educated on the subject of discussion.

Bobloco:
Where is the money we were told would be saved from subsidy removal?

We no longer operate ECA now. All the balances have been drawn down to Sovereign wealth fund. NSWIF is now managing any excess from sales of crude and other national savings.

At least, Trump is more respectful and humble this time around unlike their first ever chaotic meeting.

Every politics is local. Adeleke made a big mistake by fighting and pushing Woke Oke out of PDP. That egbon controls Obokun Oriade federal constituency. With the governor supervising the unnecessary killing of people in Esa Oke over a land dispute, it’s save to conclude that he has lost that local government already.

OctavianAC:
If he the people believe and trused that he can perform in PDP and voted him into power why does he think he cannot perform in PDP, and he is defecting to PDAPC?

Like I told you before, political expediency.

Dele Momodu is arguably the most stupid political commentator in Nigeria right now. That dude’s level of foolishness is as big as his obese body.

OctavianAC:
On what ground did he defect with PDP's mandate now?

Political expediency.

Peter Obi was Atiku and PDP’s Vice Presidential candidate in 2019. He dumped PDP &Atiku for LP in 2022. Okowa was Atiku &PDP’s Vice Presidential candidate in 2023. He dumped Atiku & PDP for APC in 2025.

Like Peter Obi, like Okowa.

Bode George should pls shut up and save us the tears.

jiz:
Home of looters

Stop being a pained loser.

Kwakwanso will get the Vice Presidential ticket of APC in 2027. Tinubu/Kwakwanso ticket will finish the already crumbling Atiku/El-Rufai northern coalition of hate and envy.

Akpakomiza2:
Atiku can win because he can get bloc votes from core north, get good votes in NC, SS. His bloc votes in core north will always surpass obi votes in the south. Obi can't get bloc votes beyond SE. Obi did not win and cannot win against Tinubu or Atiku because he would always perform woefully in core north. Both Tinubu and atiku buried him in core north which surpassed obi votes in SS SE. Tinubu was always going to win him in NC because of kogi, kwara, Niger. Those Christian states like nasarawa, plateau benue don't give bloc votes.. he wasn't rigged out, he actually lost ..
See, not every northerner sees each other's as brothers. Atiku is not a pure Fulani and the real fulanis know. He is not a radical Muslim and is seen as a corrupt Muslim that is why the north don't like or date him.

PDP no longer exist in the South South. Atiku won’t get 5% of total vote cast in SS.

fergie001:
Member, House of Reps (1999-2011, 2015-date).

The Governor told him he has someone else in mind.

Definitely, heading to the APC.

Your dancing governor is lobbying to cross over to APC.

Meanwhile, PDP should forget Obokun Oriade Federal constituency. Wole Oke has a strong hold on that constituency. Pelumi Olajengbesi that the governor wants to use to counter Wole Oke is a paperweight guy who will be defeated before 10am on Election Day.

Racoon:
Politicians are really mischievous and trickish.

Especially desperate ones like Peter Obi who decamped from APGA to PDP and then Labour Party.

Welcome home your excellency.

Penguin2:
Tinubu returned to Nigeria on Monday night after 18 days in France and United Kingdom.

But his Vice President was not part of the entourage at the Airport to welcome him.

Why was that?

Because he wants to decamp to LP. Hope you’re now happy?

kettykin:
i hope the bot is seeing statements like this ? one of my accounts have been banned for no just cause

You’re now reporting me to bot. Na so e pain you reach? 🤣🤣🤣

Okowa will now be shouting APC 🤣🤣🤣

Penguin2:
This is a privilege afforded only to a select few.

Peter Obi na big name. Forget!

Ibo obidients now celebrate lies and photoshop. The level of brazen hypocrisy and shamelessness in that camp is now becoming pathetic and sympathetic at the same time. Tueh!

No single ASUU strike since 29th May, 2023. That’s already a record. Tinubu promised university students and their parents that ASUU will not go on strike under his watch and he’s achieving just that.

Oceanfl0w:
Absence of development? Wow

By the way, there are alot of goods you can't import through onne.

Onne is not the only port in Rivers state. There is another fully functioning port in Port Harcourt which you can use to import containerized cargoes. Warri and Calabar ports are also fully functional. So, what’s your point again?

lol. Just hand over the site to Nnamdi Kanu instead. That will be far better.